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Office Building Near U.N. Goes Condo in New York

Investor Counts on Proximity to United Nation to Spur Sales

By

Max Taves

Feb. 3, 2015 5:52 p.m. ET

Office condominiums have never taken hold in the U.S. as they have in Europe and Asia, even during periods when rental rates have risen rapidly.

Owning office space can save companies money in the long-term, but buying requires large upfront costs. Most American companies would rather use that money for something else. And U.S. businesses don’t want the hassle or distraction of managing a property that they’re optimistically hoping to grow out of in a few years. But many foreign businesses and organizations believe buying...